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AMCORE VINTAGE U.S. GOVERNMENT OBLIGATIONS FUND
AMCORE VINTAGE FIXED INCOME FUND
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
AMCORE VINTAGE EQUITY FUND
AMCORE VINTAGE BALANCED FUND
AMCORE VINTAGE AGGRESSIVE GROWTH FUND
AMCORE VINTAGE FIXED TOTAL RETURN FUND
SUPPLEMENT DATED JANUARY 29, 1997 TO THE SAI DATED MAY 1, 1996
The Statement of Additional Information is hereby supplemented as follows:
1. On PAGE 2, under the section titled "Variable and Floating Rate
Notes," the U.S. Government Obligations Fund has been added to the list of
funds that may acquire variable and floating rate notes. Accordingly, the U.S.
Government Obligations Fund may invest in instruments of this type subject to
the Fund's investment objective, policies and restrictions.
The following paragraph replaces and supersedes the first paragraph
under CUSTODIAN on page 35 of the SAI.
2. Bankers Trust Company will serve as custodian (the "Custodian") to
the Funds pursuant to the Custodian Agreement dated as of February 4, 1997,
between the Group and the Custodian (the "Custodian Agreement"). The
Custodian's responsibilities include safeguarding and controlling each Fund's
cash and securities, handling the receipt and delivery of securities, and
collecting interest on each Fund's investments. In consideration of such
services, each of the Funds pays the Custodian an annual fee plus fixed fees
charged for certain portfolio transactions and out-of-pocket expenses.
The following paragraph replaces and supersedes the first paragraph
under NET ASSET VALUE on page 17 of the SAI.
3. As indicated in the Prospectuses, the net asset value of each Fund
is determined and the Shares of each Fund are priced as of the Valuation Times
applicable to such Fund on each Business Day of the Company. A "Business Day"
constitutes any day on which the New York Stock Exchange (the "NYSE") is open
for trading, and any other day except days on which there are not sufficient
changes in the value of the Funds' portfolio securities that the Funds' net
asset value might be materially affected and days during which no Shares are
tendered for redemption and no orders to purchase Shares are received.
Currently, the NYSE is closed on New Year's Day, President's Day, Good Friday,
Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE STATEMENT OF
ADDITIONAL INFORMATION FOR FUTURE REFERENCE
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AMCORE VINTAGE U.S. GOVERNMENT OBLIGATIONS FUND
AMCORE VINTAGE FIXED INCOME FUND
AMCORE VINTAGE INTERMEDIATE TAX-FREE FUND
AMCORE VINTAGE EQUITY FUND
AMCORE VINTAGE BALANCED FUND
AMCORE VINTAGE AGGRESSIVE GROWTH FUND
AMCORE VINTAGE FIXED TOTAL RETURN FUND
SUPPLEMENT DATED JANUARY 29, 1997 TO THE PROSPECTUS DATED MAY 1, 1996
The Prospectus is hereby supplemented as follows:
1. As of September 30, 1996, the investment adviser to the AMCORE Vintage
Mutual Funds (the "Funds"), AMCORE Capital Management, Inc. (The "Adviser"), was
acquired from AMCORE Bank N.A. Rockford (the "Old Parent") by AMCORE Investment
Group N.A. (The "New Parent"). The New Parent, like the Old Parent, is a wholly
owned subsidiary of AMCORE Financial, Inc., a registered bank holding company.
This transaction was carried out solely to effectuate a corporate reorganization
among certain of the subsidiaries of AMCORE Financial, Inc. No change in either
the operations or management of the Funds is contemplated as a result of the
transaction.
2. The Fixed Total Return Fund and the fixed portion of the Balanced Fund
will invest substantially all, but in no event less than 75% of the value of its
total assets in fixed income securities with stated or remaining maturities of
15 years or less or securities with a stated or remaining maturity in excess of
15 years if such securities have an unconditional put or sell or redeem the
security within 15 years from the date of purchase. While this does not
represent a change in the fund's investment policy, it clarifies the
circumstance in which the fund may hold fixed income securities with a remaining
maturity of 15 years or more.
The following paragraph replaces and supercedes the paragraph under
CUSTODIAN on page 36 of the Prospectus.
3. Effective February 4, 1997, Bankers Trust Company, One Bankers Trust
Plaza, New York, New York, 10006 (the "Custodian") will serve as the Custodian
for the Fund's assets. Pursuant to the Custodian Agreement with the Group, the
Custodian receives compensation from each Fund for services in an amount equal
to a designated annual fee plus fixed fees charged for certain portfolio
transactions and out-of-pocket expenses.
The following paragraph replaces and supercedes the first paragraph under
VALUATION OF SHARES on page 23 of the Prospectus.
4. The net asset value of each of the Funds, except the U.S. Government
Fund, is determined and its Shares are priced as of the close of regular trading
on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern Time) on
each Business Day. The net asset value of the U.S. Government Fund is determined
and its Shares are priced as of 12:00 noon Eastern Time and the close of regular
trading on the NYSE on each Business Day ("Valuation Times"). As used herein, a
"Business Day" constitutes any day on
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which the NYSE is open for trading, and any other day except days on which there
are not sufficient changes in the value of the Funds' portfolio securities that
the Funds' net asset value might be materially affected and days during which no
Shares are tendered for redemption and no orders to purchase Shares are
received. Currently, the NYSE is closed on New Year's Day, President's Day, Good
Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and
Christmas Day. Net asset value per Share for purposes of pricing sales and
redemptions is calculated by dividing the value of all securities and other
assets of the Fund less the liabilities charged to the Fund by the number of its
outstanding Shares.
The following paragraph replaces and supercedes the first paragraph under
DIVIDENDS on page 30 of the Prospectus.
5. The Fixed Income Fund and Tax-Free Fund each intend to declare their net
investment income monthly as a dividend to Shareholders at the close of business
on the day of declaration. The U.S. Government Fund intends to declare its net
investment income daily as a dividend to Shareholders at the close of business
on the day of declaration. These Funds will generally pay such dividends
monthly. Each Fund also intends to distribute its capital gains, if any, at
least annually, normally in December of each year. The Equity Fund, the Balanced
Fund, the Aggressive Growth Fund and the Fixed Total Return Fund intend to
declare their net investment income quarterly as a dividend to Shareholders at
the close of business on the day of declaration, and generally will pay such
dividends quarterly. A Shareholder will automatically receive all income
dividends and capital gains distributions in additional full and fractional
Shares of a Fund at net asset value as of the ex-dividend date, unless the
Shareholder elects to receive dividends or distributions in cash. Such election
must be made on the Account Application; any change in such election must be
made in writing to the Funds at 3435 Stelzer Road, Columbus, Ohio 43219, and
will become effective with respect to dividends and distributions having record
dates after its receipt by the Transfer Agent. Dividends are paid in cash not
later than seven business days after a Shareholder's complete redemption of his
or her Shares.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR
FUTURE REFERENCE
